Axie Infinity (AXS) Shows Strong Momentum as Analysts Track $3.45 Target

Axie Infinity (AXS) rose on Monday after the token reached a price of $2.45, reflecting a gain of 7.9% in a day. The token price had a 41.33% weekly gain. The trading volume increased by 75.2%, reaching $690.58 million. Axie Infinity’s market capitalization is at $413.94 million.

Source: CoinMarketCap

AXS Rebounds After Touching $1.879 Support

According to the analyst Enri, Axie Infinity hit a low of $1.879 on the daily charts. This hit the $1.887 support zone. It also briefly dipped below the previously mentioned $2.07 support zone. This saw the token experience a clean rebound.

The clean rebound faced resistance at the $2.519 mark. The breakout saw the first red 4-hour candle appear. The move also confirmed the selling pressure. A controlled pullback could be experienced at the $2.10 to $2.08 mark. This scenario will be the case as long as the token stays above $1.879.

A pullback in the overall market could also see the token dip to the next support level. This support level is between $1.79 and $1.626. If the pullback is more significant, it could dip to the 200 EMA at $1.55. It might drop to the trendline at $1.45 if the pullback is more substantial than the last one.

Source: X

Also Read: Cardano (ADA) Could Skyrocket After ETF Filing with ADA Eyeing $1.3285

Another positive point that Enri also emphasized is the potential for the price to go higher. A short-term consolidation phase could result in the price going higher again. If the price breaks out past the recent high of $2.99, the next price target could be $4.74, based on the $1.879-$2.987 range. Currently, the focus is on the $3.45 level.

Jonathan Carter, an analyst, mentioned that the price of AXS is retesting a breakout from a falling wedge pattern. This pattern is a strong indicator of bullish continuation. His price targets include $4, $6, $14, and $44.

Source: X

AXS Sees Higher Activity Across Derivatives

According to CoinGlass data, the trading volume is rising by 72.91%. It is now $1.89 billion. Open Interest has risen by 10.59%. It is now $149.15 million. The AXS OI-Weighted Funding Rate is -0.7117%. This shows that short holders are paying the fee to maintain their open positions.

Source: CoinGlass

AXS has a positive structure, even after the recent price swings. Analysts are still monitoring the levels that could determine the direction of the price in the future. Market data shows that the trading volume is rising, which is a positive indicator that the current trend is still valid.

Also Read: Axie Infinity (AXS) Slides 6% as TD Sequential Sell Signal Flags Short-Term Exhaustion